Silver prices (XAG/USD) experienced a decline on Friday, but remain positive for the year. Factors influencing silver prices include geopolitical events, interest rates, the US dollar's strength, and industrial demand.
Silver prices ( XAG/USD ) declined on Friday, according to FXStreet data. The precious metal traded at $30.54 per troy ounce, marking a decrease of 0.87% from Thursday's price of $30.80. Despite the Friday dip, silver prices have shown a positive trend this year, increasing by 5.68% since the beginning of 2023. The Gold/Silver ratio, which indicates the amount of silver required to match the value of one ounce of gold, stood at 88.74 on Friday, up from 88.17 on Thursday.
Silver is a highly traded precious metal among investors, historically used as a store of value and a medium of exchange. While less popular than gold, traders often incorporate silver into their investment portfolios for diversification, its intrinsic value, and as a potential hedge against inflation. Investors can acquire physical silver through coins or bars, or engage in trading through Exchange Traded Funds (ETFs) that track its price on international markets. Silver price fluctuations are influenced by a multitude of factors. Geopolitical uncertainties or fears of a severe economic downturn can drive silver prices upward due to its safe-haven status, although to a lesser extent compared to gold. As a non-yielding asset, silver tends to rise when interest rates fall. The movement of the US dollar (USD) also significantly impacts silver prices, as the asset is priced in dollars (XAG/USD). A strong dollar tends to suppress silver prices, while a weaker dollar is likely to fuel price increases. Other factors such as investment demand, mining supply (silver is more abundant than gold), and recycling rates also contribute to price variations.
SILVER PRICES XAG/USD GOLD/SILVER RATIO INVESTMENT DEMAND INDUSTRIAL DEMAND GEOPOLITICS US DOLLAR
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